Cure or Repurchase Clause Samples

Cure or Repurchase. Within sixty (60) days from the earlier of either discovery by or notice to Countrywide of a breach of a representation or warranty that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans, or the Purchaser's interests therein, Countrywide shall use its best efforts to promptly cure such breach in all material respects, and, if such breach cannot be cured, Countrywide shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01 hereof and such breach cannot be cured within sixty (60) days of the earlier of either discovery by or notice to Countrywide of such breach, all of the Mortgage Loans affected by such breach shall, at the Purchaser's option, be repurchased by Countrywide at the Repurchase Price.

Cure or Repurchase. If CMI, in its sole and exclusive discretion, determines any Loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term, condition, requirement or procedure contained in this Agreement or the CMI Manual in effect as of the date CMI purchased such Loan; (ii) was underwritten and/or originated based on any materially inaccurate information or material misrepresentation made by the Loan borrower(s), Correspondent, Correspondent’s directors, officers, employees, agents, independent contractors and/or affiliates, or any other party providing information relating to said Loan; (iii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal (including but not limited to the Truth-In-Lending Act) or state law or regulation; (iv) must be repurchased from any secondary market investor (including but not limited to the ▇▇▇▇▇▇ Mae, ▇▇▇▇▇▇▇ Mac, FHA, VA, HUD or Government National Mortgage Association) due to a breach by Correspondent of any representation, warranty or covenant contained in this Agreement or the CMI Manual or a failure by Correspondent to comply in all material respects with the applicable CMI Manual terms, conditions, requirements and procedures; and/or (v) was subject to an Early Payment Default (as defined in the CMI Manual), an Early Payoff (as defined in the CMI Manual) or any other payment related defect (as defined in the CMI Manual) Correspondent will, upon notification by CMI, correct or cure such defect within the time prescribed by CMI to the full and complete satisfaction of CMI. If, after receiving such notice from CMI, Correspondent is unable to correct or cure such defect within the prescribed time, Correspondent shall, at CMI’s sole discretion, either (i) repurchase such defective Loan from CMI at the price required by CMI (“Repurchase Price”) or (ii) agree to such other remedies (including but not limited to additional indemnification and/or refund of a portion of the Loan purchase price) as CMI may deem appropriate. If CMI requests a repurchase of a defective Loan, Correspondent shall, within ten (10) business days of Correspondent’s receipt of such repurchase request, pay to CMI the Repurchase Price by cashier’s check or wire transfer of immediately available federal funds. If such defective Loan is owned by CMI at the time of repurchase by Correspondent, CMI shall, upon receipt of the Repurchase Price, release to Corresponde...

Cure or Repurchase. (a) Seller shall repurchase the Mortgage Servicing Rights with respect to any Mortgage Loan from Purchaser if Seller or an Affiliate of Seller is obligated to repurchase the related Mortgage Loan from the applicable Investor. Seller shall repurchase such Mortgage Servicing Rights from the Purchaser at the Repurchase Price, and reimburse Purchaser for the related outstanding Advances that were previously reimbursed to Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Purchaser, or advances of the same type as the Advances that were properly made by Purchaser after each Servicing Transfer Date that are fully reimbursable pursuant to the related Servicing Agreement and as to which Purchaser is entitled to recovery. (b) The Purchase Price recapture under this Section 11.03 and Section 11.04 (the “Repurchase Price”) shall be subject to the following provisions: from the Sale Date or any Subsequent Sale Date, as applicable, until the first anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser one hundred (100%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the first anniversary of the Sale Date or any Subsequent Sale Date and until the second anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser seventy-five (75%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the second anniversary of the Sale Date or any Subsequent Sale Date and until the third anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser fifty (50%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the third anniversary of the Sale Date or any Subsequent Sale Date and until the fourth anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser twenty-five (25%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; and after the fourth anniversary of the Sale Date or any Subsequent Sale Date, the Seller shall not pay any amount for the related Mortgage Servicing Rights. (c) ...

Cure or Repurchase. Within sixty (60) days from the earlier of either discovery by or notice to Greenpoint of a breach of a representation or warranty that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans, Greenpoint shall use its best efforts to cure such breach in all material respects, and, if such breach cannot be cured, Greenpoint shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. Notwithstanding anything to the contrary herein, a breach of any one of the representations and warranties set forth in clauses (ee), (rr), (ss), (uu), (vv), (hhh), (kkk), (lll), (nnn), (ooo), (ppp) and (qqq) in Subsection 3.02 shall be deemed to materially and adversely affect the value of the related Mortgage Loans and not be curable and, within sixty (60) days of the earlier of either discovery by or notice to Greenpoint, as the case may be, of such breach, Greenpoint shall repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01 and such breach cannot be cured within sixty (60) days of the earlier of either discovery by or notice to Greenpoint of such breach, Greenpoint shall repurchase such of the Mortgage Loans as shall be necessary to cure such breach at the Repurchase Price.

Cure or Repurchase. Within sixty (60) days from the earlier of either discovery by or notice to Indymac of a breach of a representation or warranty that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans, Indymac shall use its best efforts to cure such breach in all material respects, and, if such breach cannot be cured, Indymac shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. Notwithstanding anything to the contrary herein, a breach of any one of the representations and warranties set forth in clauses (ee), (rr), (ss) and (uu) in Subsection 3.02 shall be deemed to materially and adversely affect the value of the related Mortgage Loans and, within sixty (60) days of the earlier of either discovery by or notice to Indymac, as the case may be, of such breach, Indymac shall repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01 and such breach cannot be cured within sixty (60) days of the earlier of either discovery by or notice to Indymac of such breach, Indymac shall repurchase such of the Mortgage Loans as shall be necessary to cure such breach at the Repurchase Price.

Cure or Repurchase. If Citicorp, in its sole and exclusive discretion, determines any mortgage loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term or condition of this Agreement, the Manual and/or Program Requirements and all amendments and bulletins thereto which was (or were) in effect as of the mortgage loan closing date; (ii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal or state law or regulation including but not limited to the federal Truth-In-Lending Act; and/or (iii) must be repurchased from any secondary market investor (including but not limited to the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation) due to a breach by Correspondent of any representation or warranty contained in this Agreement, the Manual and/or Program Requirements and all amendments and bulletins thereto. Correspondent will, upon notification by Citicorp and/or such secondary market investor, (i) immediately correct or cure such defect within the time prescribed by Citicorp and/or any such secondary market investor to the full and complete satisfaction of Citicorp and/or any such secondary market investor or (ii) repurchase such defective loan from Citicorp or such secondary market investor at the price required by Citicorp or such secondary market investor ("Repurchase Price"). If Citicorp or such secondary market investor requests such repurchase, Correspondent shall, within ten (10) business days of Correspondent's receipt of such repurchase request, pay to Citicorp and/or such secondary market investor the Repurchase Price by cashier's check or wire transfer of immediately available federal funds. If such defective loan is owned by Citicorp at the time of repurchase by Correspondent, Citicorp shall, upon receipt of the Repurchase Price, release to Correspondent the related mortgage file and shall execute and deliver such instruments of transfer or assignment, in each case without recourse or warranty, as shall be necessary to vest in Correspondent or its designee title to the repurchased loan. 10 Correspondent agrees and acknowledges that the provisions of this Section 16 do not, in any way, eliminate, diminish or impair Correspondent's indemnification obligations contained in Section 10.

Cure or Repurchase. (a) The applicable Seller shall pay to Purchaser the Purchase Price Recapture Amount, minus the related portion of any remaining Document Holdback, if any, with respect to any Mortgage Servicing Rights if the related Mortgage Loan is required to be repurchased from an Investor within the period that is four (4) years following the Sale Date or the Subsequent Sale Date, as applicable. In addition to the Purchase Price Recapture Amount, such Seller shall reimburse Purchaser for the related outstanding Advances that were previously reimbursed to such Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Purchaser, or advances of the same type as the Advances that were properly made by Purchaser after the applicable Servicing Transfer Date that are made in accordance with Applicable Requirements and as to which Purchaser is entitled to recovery, and shall be liable for indemnification for any Losses as and to the extent otherwise provided in this Article XI.

Cure or Repurchase. If, as a result of a breach of a representation or warranty of Seller contained in this Agreement, or the Servicing Agreements, any Mortgage Loan is found defective by the Investor and the responsibility to cure such defect is the Seller’s under the Servicing Agreement, this Agreement and the Tri-Party Agreement, then Seller will, upon reasonable and timely notification by Purchaser and/or such Investor, correct or cure such defect, at Seller’s sole expense, within the time prescribed by the Investor, and to the satisfaction of the Investor. In the event such defect cannot be cured or corrected to the satisfaction of such Investor, and such breach materially and adversely affects the value of the Servicing Right, Seller shall repurchase such Servicing Right from the Purchaser. The Purchase Price recapture under this Section 10.03, and Section 10.04, (the “Repurchase Price”) shall be subject to the following provisions: from the Sale Date until the first anniversary of the Sale Date, the Seller shall pay Purchaser one hundred (100%) percent of the Purchase Price; after the first anniversary of the Sale Date and until the second anniversary of the Sale Date, the Seller shall pay Purchaser seventy-five (75%) percent of the Purchase Price; after the second anniversary of the Sale Date and until the third anniversary of the Sale Date, the Seller shall pay Purchaser fifty (50%) percent of the Purchase Price; after the third anniversary of the Sale Date and until the fourth anniversary, the Seller shall pay Purchaser twenty-five (25%) percent of the Purchase. Notwithstanding anything to the contrary in this Agreement, Purchaser acknowledges and agrees that Purchaser shall be obligated to cure and/or repurchase any Mortgage Loan, if requested by the Investor, if it is determined that Purchaser: (i) breached any representation, warranty, covenant, or any provision of this Agreement, (ii) failed to service any Mortgage Loan in accordance with accepted servicing practices and the Servicing Agreements, or (iii) for any act or omission of Purchaser (or any of its agents or representatives) which causes the Seller to materially breach any Servicing Agreement with the Investor.

Cure or Repurchase. (a) The applicable Seller shall pay to Purchaser the Purchase Price Recapture Amount, minus the related portion of any remaining Document Holdback, if any, with respect to any Mortgage Servicing Rights if the related Mortgage Loan is required to be repurchased from an Investor within the period that is four (4) years following the Sale Date or the Subsequent Sale Date, as applicable. In addition to the Purchase Price Recapture Amount, such Seller shall reimburse Purchaser for the related outstanding Advances that were previously reimbursed to such Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Purchaser, or advances of the same type as the Advances that were properly made by Purchaser after the applicable Servicing Transfer Date that are made in accordance with Applicable Requirements and as to which Purchaser is entitled to recovery, and shall be liable for indemnification for any Losses as and to the extent otherwise provided in this Article XI. (b) The “Purchase Price Recapture Amount” is an amount equal to the product of (i) the Bid Multiple, (ii) the Net Servicing Fee Rate, and (iii) the unpaid principal of the related Mortgage Loan as of the date of payment of the Purchase Price Recapture Amount; provided, for purposes of calculating the Purchase Price Recapture Amount due and owing under Section 11.04(b) hereof, the unpaid principal of the related Mortgage Loan shall be as of the earlier of (x) the date of payment of the Purchase Price Recapture Amount or (y) December 31, 2015.